Una conversación con el Director General Wealth Management España

With Budget speculation intensifying ahead of 28 October, investors should avoid reacting to rumours alone, while reviewing potential tax planning opportunities around CGT, IHT, pensions, property and investment structures.

Rothschild & Co today announced that Pablo Hernandez Schmidt-Tophoff has joined its Global Advisory business as Managing Director, Head of Houston and Head of Energy Services & Decarbonization, North America.

Investments linked to artificial intelligence continue to support global growth, but they are also contributing to a sustained rise in long-term interest rates. At the same time, geopolitical tensions and uncertainty surrounding the Federal Reserve’s communication are maintaining a more fragile economic environment.

Fiscal debates focus on debt and deficits, but government size may matter more. While debt shows little link to bond yields, higher taxes and spending can affect competitiveness, growth and economic efficiency.

France’s political uncertainty and fiscal pressures have unsettled markets, widening bond spreads and weakening the euro. While risks remain elevated ahead of 2027 elections, France’s challenges stop short of a sovereign debt crisis.

This Quarterly Letter explores how emotions and behavioural biases can undermine investment decisions. It highlights the importance of discipline, perspective and a clear long-term purpose in preserving and growing wealth through market uncertainty.